Wealth Control
Wednesday, Aug 6, 2008 at 3:49 AM (Public Entry)
Wealth Control
Wealth is often lost because of the sheer lack of its control. And to control your wealth, the greatest single factor you would need is Discipline.
These two terms "Discipline" and "Wealth Control" sound like a harsh militarised school of finances.
My sentiments when I see and hear of my clients complaining about not being taught the fundamentals of wealth management is certainly of military thoughts for these people.
Their sheer lack of discipline is much of the cause for their not taking the precautions when it comes to their money.
Perhaps a softer sounding term to use here is the word "Responsibility". They simply lack it. I want to feel sorry for them but they actually had so many years to learn to do that. Now their families are suffering too.
The top 3 follies I often come across are:
1) Not educating themselves in the "mysteries" of the stock market - you must know it to invest in it.
2) Borrowing till it hurts to invest in a property and not educating themselves in the riskd and benefits of that individual piece of property.
3) Paying Taxes unecessarily - they failed to educate themselves in the legal reduction of taxes - here they can minimise and claim many deductions which are simply often paid to the taxman without forethought and strategy.
So, if there is one thing anyone can do to keep more money, make more money and have wealth control, it is simply one term "Education".
If you have the Discipline to be Responsible to yourself and your family to Educate yourself in wealth building you will have Wealth Control.
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